Tehran: Iran is set to join the New Development Bank (NDB), the development lender created by the BRICS group, Iranian Central Bank Governor Abdolnaser Hemmati said.
His comments came ahead of a BRICS finance meeting in India. Iran has sought deeper economic ties with BRICS members as it faces sweeping U.S. and international sanctions.
Iran Moves Closer to BRICS Development Bank
Hemmati said Iran would soon become a member of the New Development Bank.
According to Iranian state media, he described the bank as one of the most important results of cooperation among BRICS countries.
“The most important result of cooperation among BRICS member countries is the establishment of the New Development Bank,” Hemmati said.
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He added that Iran would soon join the institution.
Iran Joined BRICS in 2024
Iran became a member of BRICS in 2024 as the group expanded its membership.
Since then, Tehran has expressed interest in joining the NDB as a member and shareholder.
The move could give Iran another channel for economic cooperation with major emerging economies.
It could also support Tehran’s efforts to reduce its reliance on Western financial systems.
What Is the New Development Bank?
The New Development Bank was established in 2015 by Brazil, Russia, India, China and South Africa.
The bank provides financing for infrastructure and sustainable development projects.
It has since expanded its membership beyond the original BRICS countries.
The United Arab Emirates and Egypt are among the countries that have joined the institution.
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Iran Seeks Alternative Financial Channels
Iran remains under extensive U.S. and international sanctions.
These restrictions have limited Tehran’s access to parts of the global financial system.
As a result, Iran has increasingly sought stronger economic links with non-Western powers.
Membership in the NDB could provide another platform for cooperation in development and finance.
However, the exact timeline for Iran’s membership and the terms of its participation have not yet been detailed.
BRICS Economic Cooperation Expands
BRICS has expanded its reach in recent years. The group aims to increase economic cooperation among emerging economies.
Iran’s planned entry into the NDB could further strengthen its financial ties with BRICS members.
It also reflects Tehran’s broader effort to build economic partnerships outside traditional Western-led institutions.
